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Again, Dangote Crashes Diesel, Aviation Fuel Prices Further To N940, N980 Respectively

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Dangote Petroleum Refinery has again announced a further reduction in the prices of both diesel and aviation fuel to N940, and N980 per litre respectively.

This is coming in the wake of its widely celebrated price reduction to N1,000 barely two weeks ago.

The price change of N940 applies to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.

Speaking on the new development, the Head of Communication, Mr Anthony Chiejina, explained that the new price is in consonance with the company’s commitment to cushion the effect of economic hardship in Nigeria.

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.”

He further stated that the partnership will be extended to other major oil marketers. “The essence of this is to ensure that retail buyers do not buy at exorbitant prices.

“The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce this new prices and hope that it would go a long way to cushion the effect of economic challenges in the country.

It would be recalled that the management of Dangote Petroleum Refinery announced a further reduction of the price of diesel from 1200 to 1,000 Naira per litre barely two weeks ago.

This marks the third major reduction in diesel price in less than three weeks when the product sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre.

Nigerian President Bola Tinubu had also commended Mr Dangote for the initial price reduction, describing it as an “enterprising feat.”

Reacting to the latest development, The Director General of the Manufacturers Association of Nigeria (MAN), Mr. Ajayi Kadiri, said that “The decision of Dangote Refinery to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.”

He added that “The trickledown effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.

“The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation.”

 

BIG STORY

JUST IN: Nigerian Lawmakers Propose Creation Of 31 Additional States [SEE FULL LIST]

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Nigeria’s House of Representatives Committee on Constitution Review on Thursday proposed the creation of 31 new states in the country.

If the proposal is approved, Nigeria will have 67 sub-national governments, as the current number of states stands at 36, including the Federal Capital Territory.

The proposal for new states was presented in a letter read during Thursday’s plenary session by the Deputy Speaker, Benjamin Kalu, who presided over the session in the absence of the Speaker, Mr. Tajudeen Abbas.

The letter read in part, “The committee proposes the creation of 31 new states. As amended, this section outlines specific requirements that must be fulfilled to initiate the process of state creation, which include the following:

“1. New state and boundaries

“An act of the National Assembly for the purpose of creating a new state shall only be passed if it requires support by at least the third majority of members.

“The House of Representatives, the House of Assembly in respect of the area, and the Local Government Council in respect of the area are received by the National Assembly.

“Local government advocates for the creation of additional local government areas are only reminded that Section 8 of the Constitution of the Federal Republic of Nigeria, as amended, applies to this process.

“Specifically, in accordance with Section 8 (3) of the Constitution, the outcome of the votes of the State Houses of Assembly in the referendum must be forwarded to the National Assembly for fulfillment of state,” the proposal partly reads.

According to the proposal, the new states include Okun, Okura, and Confluence States from Kogi; Benue Ala and Apa States from Benue; FCT State; Amana State from Adamawa; Katagum from Bauchi and Savannah States from Borno and Muri State from Taraba.

Others include New Kaduna and Gujarat from Kaduna State; Tiga and Ari from Kano; Kainji from Kebbi State; Etiti and Orashi as the 6th state in the South East; Adada from Enugu; and Orlu and Aba from the South East.

Also included are Ogoja from Cross River State, Warri from Delta, Ori and Obolo from Rivers, Torumbe from Ondo, Ibadan from Oyo, Lagoon from Lagos, Ogun, Ijebu from Ogun State, and Oke Ogun/Ijesha from Oyo/Ogun/Osun States.

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El-Rufai Lacks Capacity To Unsettle Tinubu, He Can’t Even Win Senatorial Seat — Daniel Bwala

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Daniel Bwala, special adviser to the president on policy communication, asserts that Nasir el-Rufai, the former governor of Kaduna, lacks the capacity to “unsettle” President Bola Tinubu.

Bwala made this statement on Thursday during an interview with TVC News. He emphasized that Tinubu is not losing sleep over el-Rufai’s continuous criticisms of his administration.

Background

El-Rufai has been targeting some members of the Tinubu administration.

The former minister of the federal capital territory (FCT) recently criticized the ruling All Progressives Congress (APC) for “straying away from its core values,” mentioning that he no longer recognizes his political party.

Bwala had questioned el-Rufai if his stance on the APC would have been different had he been a member of Tinubu’s cabinet.

In response to Bwala’s comments, el-Rufai stated that he would not hesitate to criticize the party, even if he were given a position in the Tinubu administration.

‘On His Own, El-Rufai Is Unelectable’

When asked if the presidency was anxious about el-Rufai’s remarks and the regrouping of opposition politicians, the spokesperson confirmed that Tinubu is not concerned with the opposition’s movements.

Bwala emphasized that the president’s approach has always been one of reconciliation.

“Who is jittery? The political opponents have no direction. There is no organized political party in Nigeria other than APC. Almost all opposition parties are trying to find their way,” Bwala stated.

“I don’t attack because I see that the position of Mr. President is that of reconciliation. In his 18 months in office, he has never reacted to anybody. He has never been seen being combative or aggressive against anybody.”

The presidential spokesperson acknowledged el-Rufai’s dilemma, adding that the former governor cannot accomplish his goals by joining the opposition.

According to Bwala, el-Rufai only becomes a significant political figure when he aligns with a “solid revolutionary” leader.

“El-Rufai, as he said, is still in APC. You treat him like a brother. I know his grandstanding. I know he is facing challenges finding a path,” he stated.

“If you leave a governing party, which you have influence over, and think that you can undertake a mission, you need to have a working platform to do that.”

“He does not have the capacity to make the president unsettled. No opposition party, even if combined, can make the president unsettled.”

“Let me tell you something about my elder brother, el-Rufai, and whether we should be worried.”

“There is a dynamic around el-Rufai. El-Rufai needed a solid revolutionary person to thrive. On his own, el-Rufai may not win the senate.”

“He won governorship because of the Buhari factor and got re-elected because of the Buhari factor. If you leave him now to go and run for senate in Kaduna, he would not win.”

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Importers To Pay More As Customs Introduces 4% FOB Levy

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The Nigeria Customs Service (NCS) has announced that it will enforce a 4 percent charge on the “free-on-board” (FOB) value of imports.

“FOB” refers to the arrangement where the seller is responsible for delivering the goods to the port of departure, clearing them for export, and loading the goods onto the vessel. Once the goods are on the vessel, the risk transfers from the seller to the buyer, who then assumes responsibility for all subsequent costs.

In a statement released on Wednesday, Abdullahi Maiwada, NCS national public relations officer, confirmed that the directive is in line with the provisions of the “Nigeria Customs Service Act” (NCSA) 2023.

“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 percent charge on the “Free On-Board” (FOB) value of imports,” Maiwada stated.

“The FOB charge, which is calculated based on the value of imported goods, including the cost of goods and transportation expenses incurred up to the port of loading, is essential for driving the effective operation of the service.”

“Furthermore, the NCS acknowledges concerns raised by stakeholders over the continued collection of the 1 percent “Comprehensive Import Supervision Scheme” (CISS) fee.”

“It is a regulatory charge imposed for funding Nigeria’s Destination Inspection Scheme alongside the 4 percent FOB charge.”

“As a responsive government agency, the service wishes to assure the general public that extensive consultation is ongoing with the federal ministry of finance to address all agitations raised by our esteemed stakeholders.”

Maiwada urged all stakeholders to comply with the directive, which was conceived after thorough consultation with relevant stakeholders and organizations.

“All stakeholders are urged to support this legally binding initiative,” he emphasized.

“As the measures introduced in alignment with the NCSA 2023 reflect a balanced approach born out of extensive consultations with industry players, importers, and regulatory bodies.”

He also acknowledged the valuable contribution of stakeholders in shaping and actualizing the NCSA 2023.

“Their insights, expertise, and unwavering commitment have been instrumental in ensuring a robust legal framework that enhances efficiency, promotes innovation, and strengthens transparency in customs operations,” he added.

The customs official reiterated that under the leadership of Adewale Adeniyi, the comptroller-general, the service remains dedicated to transparency, fair trade practices, and efficient revenue management.

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